If you're expecting a tax refund, there's no need to panic. You don't even need to file an extension.
2010 tax returns that are due a refund are given until April 15, 2014 (October 15, 2014 with an extension) to be filed with the IRS before the statute of limitations on the refund runs out. If you don't file by then, the U.S. Treasury simply keeps your "donation."
However, if you owe additional taxes, there is no statute of limitations. For this reason, try to file your income tax return as soon as you can. The longer you wait, the more interest and penalties are assessed on top of the money you already owe.
Can I e-file after the April 18 deadline?
Yes, you can e-file your 2010 tax return through October 17, 2011. After that, the IRS shuts down e-filing to get ready for the following tax year, and you will need to file a conventional paper return.
Click here for tax year 2010 filing deadlines.
What are the penalties for filing late?
It all depends!
- There is no penalty if you're getting a refund, provided you file within the allotted 3-year timeframe.
- After that, the "penalty" is forfeiture of your tax refund, as mentioned earlier.
- There is no penalty if you filed an extension and paid any additional taxes owed by April 18.
- A late payment penalty is assessed if you didn't pay additional taxes owed by April 18, whether you filed an extension or not.
- The late payment penalty is 0.5% (1/2 of 1 percent) of the additional tax owed amount for every month (or fraction thereof) the owed tax remains unpaid, up to a maximum of 25%.
- A late filing penalty is assessed if you didn't file your return (or an extension) by April 18.
- The late filing penalty is 5% of the additional taxes owed amount for every month (or fraction thereof) your return is late, up to a maximum of 25%.
What happens if I do not file, period?
You'll probably receive a letter from the IRS reminding you to file your tax return, particularly if W-2 or 1099 forms were reported to the IRS by your employers. For additional information, refer to the IRS article What Will Happen If You Don't File Your Past Due Return or Contact The IRS.
If you are due a refund, you'll forfeit your refund if you do not file by April 15, 2014 (or October 15 of 2014 if you filed an extension).
Are there any situations which allow me to file late?
If you are out of the country on the April filing deadline, you are allowed two extra months to file your return and pay the amount due, without needing to request an extension.
An out of the country taxpayer is defined as:
- You live outside of the United States and Puerto Rico and your main place of work is outside of the United States and Puerto Rico; or
- You are in military or naval service outside of the United States or Puerto Rico
If you need more time, you can request four additional months by filing an extension along with paying any taxes you owe.
Other situations
- If you have not received Form W-2, or you believe your Form W-2 is incorrect, contact the IRS for a resolution.
- If you cannot pay the amount of taxes owed, you should file your tax return anyway before the deadline and pay as much as you can to avoid additional penalties. The IRS will send you a bill or notice for the balance due. In some cases the IRS can offer alternative account resolutions if a taxpayer cannot pay in full with the return. See the IRS Web page Installment Agreements for more information.
- If you are self-employed, you must file returns reporting self-employment income within three years of the original filing deadline in order to receive Social Security credits toward your retirement.
